Inventus Mining Provides Exploration Update on Pardo JV
SUDBURY, ONTARIO--(Marketwired - Aug 11, 2016) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") is pleased to announce the next steps in the advancement of the Pardo Joint Venture project ("JV" or "Pardo"), located approximately 65km northeast of Sudbury, Ontario. The JV is 64.5% owned and operated by Inventus.
Highlights
The Ministry of Northern Development and Mines has granted permission to remove a bulk sample of up to 1,000 tonnes for metallurgical testing. The planned bulk sample will provide vital information about the unique paleo-placer gold mineralization of Pardo.
To better define this undertaking, the rock outcrop at the planned bulk sample location has been channel sampled across its 40m width and individual assays returned values up to 21.9 grams per tonne (gpt) gold, with the weighted average of eleven separate channels returning 2.0 gpt gold over 3.16 meters (m)(approximate true thickness).
Understanding Paleo-Placer Exploration
Paleo-placer gold deposits are ancient placer deposits in which gold bearing river sediments have been solidified into solid rock. The gold particles transported by the ancient river system are typically deposited in pressure shadows behind and below large cobbles and boulders. At Pardo, gold is frequently visible to geologists as they collect samples in high-grade areas.
Gold in this environment is highly uneven in its distribution throughout the mineralized rock. This has been demonstrated repeatedly at Pardo, and is well illustrated by the results of a 2009 drill hole, which intersected a 1cm diameter gold cluster. The half of the drill core that did not contain the cluster did not return any significant gold assay values. As a result of this irregular gold distribution, gold contents are much more reliably estimated when larger samples are analyzed.
Over the past several years very significant gold mineralization in flat lying conglomerate beds has been identified over a laterally extensive area at Pardo. Sampling methods at Pardo have consisted of diamond drilling and channel sampling of surface outcrop where it is exposed. Channel samples have demonstrated consistently higher grades than split drill cores. Core drilling, while critical to define the depth and thickness of the mineralized conglomerates, has not been shown to represent the gold grade from hole to hole in a statistically significant way.
Bulk Sample Location and New Assay Results
The Trench 1 area selected for the bulk sample is in a small hillside where mineralized boulder conglomerate outcrops in such a way that it can be channel sampled near vertically from top to bottom (see Figure 1). One existing diamond drill hole is located within the proposed bulk sample site, that vertical hole encountered 4.7 gpt gold over 2 meters (true thickness). In order to provide greater assurance that the site was indeed suitable for bulk analysis, vertical channel samples 1.5 to 4.5 meters high were cut through the conglomerate unit. The vertical orientation makes them somewhat analogous to drill holes. Eleven channels were cut in the face of the outcrop at 4 meter intervals horizontally, for a total width of 40 meters. Visible gold was detected in nine of the eleven channels samples. Assay results are as follows:
Table 1 - Trench 1 Channel Sample Results
| Trench 1 Channel # | Channel Length (m) | Sampling Frequency (m)1 | Gold Assay (g/t)1 | Composite Gold Assay (g/t)1 | |||
| 1 | 1.50 | 0.25 | 4.4 | 4.0 | |||
| 0.50 | 3.6 | ||||||
| 2 | 2.00 | 0.25 | 6.4 | 5.8 | |||
| 0.50 | 5.2 | ||||||
| 3 | 2.25 | 0.25 | 1.3 | 2.6 | |||
| 0.50 | 3.9 | ||||||
| 4 | 4.50 | 0.25 | 1.4 | 1.3 | |||
| 0.50 | 1.2 | ||||||
| 5 | 4.25 | 0.25 | 2.3 | 2.2 | |||
| 0.50 | 2.2 | ||||||
| 6 | 3.75 | 0.25 | 0.8 | 1.4 | |||
| 0.50 | 2.0 | ||||||
| 7 | 2.25 | 0.25 | 2.0 | 1.4 | |||
| 0.50 | 0.9 | ||||||
| 8 | 3.25 | 0.25 | 2.1 | 2.2 | |||
| 0.50 | 2.3 | ||||||
| 9 | 4.25 | 0.25 | 1.6 | 2.0 | |||
| 0.50 | 2.4 | ||||||
| 10 | 2.75 | 0.25 | 1.4 | 1.5 | |||
| 0.50 | 1.6 | ||||||
| 11 | 4.00 | 0.25 | 0.7 | 0.8 | |||
| 0.50 | 0.9 | ||||||
| Average | 3.16 | Weighted Average Gold Grade | 2.0 | ||||
| 1 | Two slabs of equal length were cut from each channel, one was assayed at 0.25m intervals and the other at 0.50m intervals for analytical purposes. The Composite Gold Assay is the average of all assays results received over the entire channel length. |
Bulk Sampling Procedure and Objectives
Prior to the removal of the bulk sample, a dense grid of diamond core holes and blast holes will be drilled to provide ample statistical data for comparison with bulk sample results. The overall objective of the bulk sample is to determine a statistical relationship between gold values from diamond drill core and surface channel samples, and the actual quantity of gold recoverable from surrounding rock. If successful this will provide essential information for future exploration drilling, calculation of a mineral resource estimate, determination of reasonable mining and processing costs for use in studies.
A secondary objective is to investigate a method to mechanically sort the unmineralized clasts (cobbles and boulders) from the mineralized matrix material of the conglomerates. This is of considerable interest because unmineralized clasts typically comprise the majority of the conglomerate volume and essentially creates internal waste (see Figure 2). If some percentage of this internal waste is removed before processing, the feed grade will increase by an equal percentage. The planned bulk sample will provide adequate material for investigation of commercially available sorting methods.
JEAP Grant
Inventus has been accepted for the Junior Exploration Assistance Program (JEAP), sponsored by the Northern Ontario Heritage Fund Corporation and the Ontario Prospectors Association, which will provide a grant of up to $100,000 for the benefit of Pardo Joint Venture partners.
Operator of the Joint Venture
Inventus wishes to thank Sprott Mining for their valuable contribution to advancing the Pardo project and their continued technical and strategic support. At this time, Inventus will return to the role of operator of the JV with assistance from an interdisciplinary team of consultants and advisors.
Approval of Program
Inventus has completed a program proposal and budget for presentation to the Pardo JV Management Committee. The company looks forward to commencing work before the end of summer.
To view the full press release with figures visit the Inventus Mining website at: www.inventusmining.com/news
About Inventus
Inventus is a mineral exploration company focused on the world class mining district of Sudbury, Ontario. Our principal asset is the Pardo Paleo-placer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in the Americas. Inventus' significant share owners include Rob McEwen, Eric Sprott, Osisko Gold Royalties and management.
Quality Control and Quality Assurance
The Qualified Person responsible for the geological technical content of this news release is Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
The Company cautions that grab samples are selective by nature and may not be representative of the mineralized zone being sampled. The samples were transported in security sealed bags for preparation and assay at Act Labs located in Sudbury, Ontario. Activation Laboratories Ltd. is an ISO 17025 registered laboratory. The samples reported were crushed in their entirety, with a 1kg split then pulverized. One 50 g aliquot of the pulp was cut out and fire assayed. In instances where the sample exceeds 3 g/t, the sample is re-run with a gravimetric finish and the gravimetric result is reported. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Forward-looking Information
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.